I'm 19 and I bought a brand new 07R in dec, 06. I pay $50 insurance, $225 bike payment, and if I'm riding it on my days off $40 gas, all in a month. I'm starting to realize m life sucks and need to my hard earned money (11.75/hour) to go into something that'l help my future, so I dont live at home forever. A bike does offer alternative transportation incase my car does break down, but not worth it at the price I pay, i'm quickly starting to realize. Although I have been keeping payments ontime sense I've gotten it, I owe nine grand on it still with 4 1/2 years of payments to go. I've decided I need to go back to school and could use the extra cash flow into my daily living budget, but at the same time the investment I've allready put into the bike would be lost should I sell it. should I just put school off for another year so i can pay it off and keep it? sell back to the dealer and take a big loss, and probably still owe 3 grand on the loan? (would they even buy it back?) Ontop of all that I hardly have money to keep it maintained. But it would be cool to have this same 2007 R when I'm 60 or something.. I'm at a lost and just need some advice\\; because I need to go back to school and dont want to go into more debt then I allready am in. What would you do? And honestly I hate to say it I've had the bike for a year and seven months and I still dont have a Motorcycle licenses and I have gotten two speeding tickets from my bike. One ticket I got out of because the police officer failed to show in court, and the other is still being processed. I'm starting to see the real costs of owning a motorcycle.. maybe I'm too young to own something like this right now. If I could go back I would have saved up enouph money to buy outright and bought used ofcourse, but lesson learned I guess. What would you do from here? any advice? Tell it to me like it is. Thanks!

 

Sounds to me like you already know what the answer is....&nbsp\\; I'd put it up for sale locally before going to the dealer.&nbsp\\; Try Craigslist or Cycle trader.&nbsp\\; You're young, and there will be lots of time for bikes after school.&nbsp\\; Putting off school only makes sense if you're not sure what you want to study. If you know what you want to do, just chalk all of this up to experience and cut your losses.&nbsp\\;&nbsp\\;

 

Thats a tough one.In todays world the education is important even if you do not work in the field of your degree.The loss on your bike might just be something you have to swallow unless you get a buyer.You have a decision to make.When I was your age things were a lot different,my choices were fairly easy to make.Good Luck!

 

You didn't learn after the first ticket, and continued to ride without a license??&nbsp\\; Expect an increase in that insurance after that ticket goes through.&nbsp\\; Sell it on your own, you will take a smaller loss than going back to the dealer.&nbsp\\; I don't think you are too young to own a bike, you just need some common sense.

 

Is 9k the actual payoff, or is it the total of payments left? Have you asked the lender for a payoff amount? The payoff would be less...

 

I say keep it and trim the fat somewhere else.

 

You sound like me when I was your age.&nbsp\\; Only I was making 5.50/hour and riding a Yamy RD 350. Sell the bike and go back to school.&nbsp\\; You can get a bike when you get out of school and start making some bigger bucks.&nbsp\\; School is alot easier at 19 than it is at 30 when you are still making 11.00/hour and wishing you had got a degree.&nbsp\\;
Good Luck and study hard.&nbsp\\;

 

Ahhhhh Marry a surger momma .......Just a thought....

 

Going back to school and obtaining a degree or some type of certification would be a wise choice. Perhaps you can sell the bike and come up with enough to pay off the remainder of the loan. Well paying jobs are going to be more difficult to obtain in the future unless you have some type of marketable skill, or formal credentials in a field that is looking for employees. A great many of the baby boomers are quickly approaching retirement age, this may open opportunities for those that could meet the job qualifications. Here, anyone that has an Airframe and Aircraft Power Plant license
will quickly find employment at the local Air Force logistics base. All of their long time Frame and Power Plant people are retiring and it’s the same at many other facilities.
&nbsp\\;At one time or another I have had to bail out of the ownership of a few toys in order to keep things together and come out ahead in the long run. Do not worry about it, you will be able to buy more bikes and other toys later. Take care of the schooling first.
&nbsp\\;
Arcane

 

You will not be the first person that lost money on a vehicle. Try selling the bike yourself rather than to the dealer but get a price from the dealer so you will have a number to work with. As earlier posted, get the actual pay off from your lender. You also may be able to refinance the bike and lower your payments but it sounds like you really need to sell it. Definitely GO BACK TO SCHOOL. Good luck.